After a turbulent end of 2015 for Latin American emerging markets, fuelled by the collapse of commodity prices, the first half of 2016 has been quite different. Since January, investment funds operating in Latin America have reported solid profitability ratios, in many cases above 10%.
The U.K. unexpectedly voting to leave the EU in the referendum (Brexit) increases uncertainty in the global economy, according to a BBVA Research report published on July 5th. The negative bias could subtract approximately -0.2% from global GDP growth, previously expected to be 3.4% in 2017 until now.
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The world of finance is in the midst of a revolution thanks to the technological breakthroughs in fields such as big data and blockchain, among others. The booming ecosystem of financial technology startups, the so called fintechs, is changing the financial industry’s mindset and the way it approaches new customers.
There is no turning back. Technology is here to stay and whoever is not able to adapt to it will not only lose information opportunities, but will be left out of the market. The mass adoption of smartphones, tablets and other digital platforms has put Chile at the top of the connectivity rankings in the region and has changed the way in which people interact with each other and with companies. BBVA is one of the pioneers in Chile’s digitization process.
Below is a timeline illustrating the BBVA Chile Group’s main milestones. In its 18 year history in the country, the Group stands out for its innovative capacity, growth and state of the art financial products and services. This has allowed the Group to make millions of people's and companies’ lives easier and has also helped make their dreams and projects a reality.
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According to country manager Manuel Olivares, in the nearly 20 years that the group has been in Chile, BBVA has been an important actor in the country’s development process. “Not only have we financed important government construction projects, not only do we employ nearly 5,000 people, but we have also worked side by side to improve access to banking services."
Our presence in Chile dates back to 1998, when then-still BBV became the largest shareholder in BHIF (Banco Hipotecario Internacional Financiero, or International Financial Mortgage Bank). Eighteen years later, we have grown from a small bank with a business largely focused on the mortgage lending market, into a diversified institution offering universal banking services and products, which has proven its ability to grow in one of Latin America’s most demanding, innovative and competitive environments.
BBVA Compass was named Best Digital Bank in North America by global financial magazine Euromoney during a July 6 ceremony at the Tower of London.
In his speech in an event organized by Faculty of Economics of University of Navarra, BBVA’s Executive Director, José Manuel González-Páramo, underscored digitization as an opportunity for the financial sector to become more efficient, improve risk management and generate greater value for customers. He also noted that the institutions that possess financial and technological tools, together with an appropriate vision, will be the banks that provide stability in the sector. Finally, he stressed the need for financial regulators to make innovation a priority in their agendas.